Robinhood Insurance Broker Private Limited

Product Info

UIN

109L067V01

Status

Withdrawn

Launch Date

08/11/2010

Withdrawn Date

31/12/2013

Product Overview

The plan provides financial protection after retirement. Give you the confidence to live your life with freedom. It offers you a wide choice of investment options to grow and multiply your wealth. You retain the freedom to keep pace with the ever changing world of your dreams for your Golden Years.

Product Description

  • A Unit Linked whole life Plan (ULIP) with limited pay and regular pay options available.
  • The Premium amount, Premium Paying Term and the Savings Date is selected by the Policyholder.
  • The higher of Fund Value or Sum Assured is paid as Death Benefit.
  • There are 10 investment fund options and 5 additional riders that can be added.

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Unique Features

  • Enhanced sum assured can be opted in addition to the basic sum assured to boost the protection under this plan.
  • This Plan provides guaranteed additions as a percentage of accumulated premiums from the 10th year and as a percentage of average fund value starting from the 11th year.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) Entry Age 18 to 45 years 18 to 50 years 18 to 55 years 18 to 60 years
Saving Date To age 55 To age 60 To age 65 To age 70
Min Top-up Premium Min Rs. 5000/-
Basic Premium Min Rs. 25,000/-, if paid Annually
Min Rs. 30,000/-, for all the other modes
Sum Assured The higher of 10 or the number of years to attain age 70 divided by 2, for entry ages below 45; or The higher of 7 or the number of years to attain age 70 divided by 4, for entry ages 45 and above.
Enhanced SA Minimum Rs. 50,000, and not exceeding Basic Sum Assured (SA), subject to max. of 30 years up to Savings Date.
Mode Available Monthly, Semi-Annually, Quarterly or Annually
Policy Term Whole Life
Premium Paying Term Short pay 5yrs, 10yrs, 15yrs, 20yrs or Regular pay

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Product Benefit

  • Death Benefit:
  1. Before the life insured attains the age of 60, the Basic SA payable on death is reduced by partial withdrawals made in the preceding two yrs.
  2. Once the life insured attains the age of 60, the Basic SA payable on death is reduced by all partial withdrawals made from age 58 onwards.
  • Maturity Benefit:
    100% of the Fund Value on Survival will be paid as maturity benefit.

Other Policy Features

Feature Description
Surrender In the case of emergencies, you can surrender your policy after the completion of five policy years and receive the Fund Value.
Partial Withdrawals The minimum amount of partial withdrawal is Rs. 5,000/-.
There is no maximum limit, but you are required to maintain a minimum Fund Value of Rs. 25,000 plus any top-up premiums paid in the previous five years.
Top-up Invest an additional amounts to your premium as top-up premiums anytime during the policy term as long as all due policy premiums have been paid. The minimum top-up premium is Rs. 5,000/-.
Basic Sum Assured will be automatically increased by the top-up premium being paid multiplied by:  125% if the attained age of the life insured is less than 45 years or 110% if the attained age of the life insured is 45 years or more.
Grace Period and Revival If you are unable to pay your premium by the due date, you will be given a grace period of 30 days (15 days for monthly mode) and during this grace period, all coverage under your policy will continue. You can reinstate your policy for its full coverage within two years from the due date of the first unpaid premium by paying all outstanding premiums together with interest.
Guaranteed Additions On 10th policy anniversary and on every 5th policy anniversary thereafter. Guaranteed Addition is 2.50% of the Basic Premiums paid in the last 60 months
In addition on 11 policy anniversary and every policy anniversary thereafter. Guaranteed Addition is 0.25% of the average Fund Value in the last 12 months
Self-Managed Option 10 investment funds range from 100% debt to 100% equity to suit your particular needs and risk appetite - Income Advantage, Assure, Protector, Builder, Enhancer, Creator, Magnifier, Maximiser, Multiplier and Super 20
You have the flexibility to switch money from one investment fund to another at any time provided the switched amount is for at least Rs. 5,000.
The percentage allocated to any investment fund will be in the increments of 5%, ranging from 5% to 100%.
 
Funds Available Risk Profile Segregated Fund Id. No. Asset Allocation Min. Max.
Income  Advantage Very low ULIF01507/08/08BSLIINCADV109 Debt Instruments, Money Market & Cash 100% 100%
Equities & Equity Related Securities 0% 0%
Assure Very low ULIF01008/07/05BSLIASSURE109 Debt Instruments, Money Market & Cash 100% 100%
Equities & Equity Related Securities 0% 0%
Protector Low ULIF00313/03/01BSLPROTECT109 Debt Instruments, Money Market & Cash 90% 100%
Equities & Equity Related Securities 0% 10%
Builder Low ULIF00113/03/01BSLBUILDER109 Debt Instruments, Money Market & Cash 80% 90%
Equities & Equity Related Securities 10% 20%
Enhancer Medium ULIF00213/03/01BSLENHANCE109 Debt Instruments, Money Market & Cash 65% 80%
Equities & Equity Related Securities 20% 35%
Creator Medium ULIF00704/02/04BSLCREATOR109 Debt Instruments, Money Market & Cash 50% 70%
Equities & Equity Related Securities 30% 50%
Magnifier High ULIF00826/06/04BSLIIMAGNI109 Debt Instruments, Money Market & Cash 10% 50%
Equities & Equity Related Securities 50% 90%
Maximiser High ULIF01101/06/07BSLIINMAXI109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%
Multiplier High ULIF01217/10/07BSLINMULTI109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%
Super 20 High ULIF01723/06/09BSLSUPER20109 Debt Instruments, Money Market & Cash 0% 20%
Equities & Equity Related Securities 80% 100%

Add-ons

  • Accidental Death & Disability:
    Accidental Death: Rider sum assured is paid in case of death due to an accident. Accidental Disability: A % of rider sum assured paid that depends on nature of disability.?
  • Critical Illness Rider:
    BSLI Critical Illness rider covers 4 major illnesses.?100% of the rider sum assured on survival of 30 days following the date of confirmed diagnosis.
  • Surgical Care Rider:
    Hospitalization for medically necessary surgery for a minimum period of 24 hours.??You can choose your benefit amount from Rs. 3,000 to Rs. 30,000. The rider sum assured will be 50 times this benefit amount.
  • Hospital Care Rider:
    In case of hospitalization for medically necessary treatment of any illness or injury for a minimum period of 24 hours will be paid from the first day for the duration of hospitalization.??
  • Waiver of Premium Rider:
    In case proposer becomes completely disabled due to an illness or accident or proposer is diagnosed with any of the specified critical illnesses or death of the proposer (if not the life insured), then all the future premiums will be waived off. 

Charges for BSLI Classic Life Plan

Charges
Premium Allocation Charge
Years Premium received
1st Year  7.50%
2nd Year 6.50%
3rd Year Onwards 5.00%
Note:- A premium allocation charge of 2% is levied on any top-up premium when paid. There is no premium allocation charge on Enhanced SA Premium.
 
Fund Management Charge:
a) 1.00% p.a. for Income Advantage, Assure, Protector and Builder b) 1.25% p.a. for Enhancer and Creator c) 1.35% p.a. for Magnifier, Maximiser, Multiplier and Super 20.
Note:- We may change the fund management charge under any investment fund at any time in the future subject to IRDA approval.
 
Policy Administration Charge
Years  Amount
1st-5th years  Rs. 20 per month
6th years  Rs. 25 per month
From the 7th policy year onwards Policy admin charge gets Inflated at 5% p.a.
 
Mortality Charge
Mortality charge is deducted every month for providing the customer with the insurance cover.
The charge per 1000 of Sum at Risk (Basic Sum Assured less Fund Value) will depend on the gender and attained age of the life insured.
 
Charge per 1000 of Sum at Risk
Attained Age Male Female
Age 25 1.546 1.502
Age 35 1.753 1.605
Age 45 3.04 2.505
Age 55 7.064 5.494
Age 65 16.267 13.197
Note:- The charge for the Enhanced Sum Assured will depend on the Savings Date, gender and entry age of the life insured.
 
Charge per 1000 of Enhanced Sum Assured
Male Savings Date
  Entry Age 25 Entry Age 35 Entry Age 45 Entry Age 55
To age 55 1.585 2.321 3.941 -
To age 60 - 2.473 4.502 -
To age 65 - 2.981 5.04 9.504
To age 70 - - 5.875 10.808
Female To age 55 1.482 1.933 3.042 -
To age 60 - 2.025 3.498 -
To age 65 - 2.334 3.911 7.341
To age 70 - - 4.487 8.255
Miscellaneous Charges
Charge Rs. 50 per request for premium re-direction, fund switch and partial withdrawal, reserve the right to charge up to Rs. 500 per request in the future. Presently charge Rs. 100 per policy revival. It may increase this charge in the future subject to a maximum of Rs. 1,000 per revival.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax Benefits under Section 80C, 80D and Section 10(10D) of the Income Tax Act, 1961.

Claim Process

Know Claim Process of ABSLI Classic Life Plan

Claim Process

Company Overview

Aditya Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group, a well known Indian conglomerate and Sun Life Financial Inc, one of the leading international financial services organizations from Canada.

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